H.R. 4279 — what changed

changed Revision to rules— Not later than the end of the 180 period beginning on the date of enactment of this Act, the Securities and Exchange Commission shall propose and, not later than 1 year after the date of enactment of this Act, the Securities and Exchange Commission shall revise finalize any rules to the extent necessary rules, as appropriate, to allow any closed-end company, as defined in section 5(a)(2) of the Investment Company Act of 1940 (15 U.S.C. 80a–5), that is registered as an investment company under such Act Act, and is listed on a national securities exchange or that makes periodic repurchase offers pursuant to section 270.23c-3 of title 17, Code of Federal Regulations, to use the securities offering and proxy rules rules, subject to conditions the Commission determines appropriate, that are available to other issuers that are required to file reports under section 13 or section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m; 78o(d)). Any action that the Commission takes pursuant to this subsection shall include consider the following:availability of information to investors, including what disclosures constitute adequate information to be designated as a “well-known seasoned issuer”.

changed Revisions to Form N–2—Treatment if revisions not completed in a timely manner— Not later than 1 year after If the date Commission fails to complete the revisions required by subsection (a) by the time required by such subsection, any registered closed-end company that is listed on a national securities exchange or that makes periodic repurchase offers pursuant to section 270.23c-3 of enactment title 17, Code of this Act, Federal Regulations, shall be deemed not to be an ineligible issuer under the final rule of the Commission shall revise Form N–2 to—titled “Securities Offering Reform” (70 Fed. Reg. 44722; published August 3, 2005).